For Wade, the lure of reuniting with LeBron James and competing for a championship in the Eastern Conference outweighed suitors such as Oklahoma City, San Antonio and Miami. Wade is expected to give additional playmaking and scoring to the Cavaliers, who must now waive a guaranteed contract by the start of the regular season.

Wade, 35, played four seasons with James in Miami, where the pair won two NBA championships.

Wade left the Heat last summer for a two-year, $47 million contract with the Bulls. He lost about $8 million in negotiating his release from Chicago, but now joins a team that has been to three straight NBA Finals, winning the league championship in 2016.

Wade averaged 18.3 points, 4.5 rebounds and 3.8 assist and shot 43.3 percent from the floor last season with Chicago. In 14 NBA seasons, the 2003 No. 5 overall pick from Marquette has averaged 23.3 points, 5.7 assists and 4.8 rebounds while shooting 48.4 percent from the floor.

Wade spent his first 13 seasons with the Heat, leading Miami to the NBA title in 2006.